Will BTC Cross $100K? Crypto Wells buy $4 billion worth of bitcoins
Bitcoin (BTC), the world's largest currency by market capitalization, is making waves in the crypto market with its impressive performance. In the midst of this bullish sentiment, a prominent crypto expert on X (formerly Twitter) said today, November 23, 2024: Bitcoin whales have made significant purchases over the past four trading days.
Whales buy 40,000 bitcoins
In a post on X, the expert noted that CryptoWales bought 40,000 BTC worth $3.96 billion from cryptocurrency exchanges. After analyzing this popular buy, it looks like BTC started gaining momentum as it exited the consolidation zone.
This popular buy indicates bearish market sentiment and buying opportunities.
Is it worth buying Bitcoin at the current level?
For anyone wondering if it is worth buying BTC at this stage, the answer is that whales and institutions have made significant purchases in recent days. These include acquisitions by MicroStrategy, Genius Group and others, as reported by CoinPedia.
Bitcoin technical analysis and upcoming levels
According to expert technical analysis, BTC looks bullish and is on its way to reaching $100,000. Recently, it broke out of a small consolidation phase and since then the price has steadily increased and reached a new all-time high of $99,588.
However, to top it off, there is a strong possibility that BTC will experience a minor price correction.
Additionally, the asset is currently trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend. Meanwhile, BTC's Relative Strength Index (RSI) indicates a possible price correction in the coming days.
A mixed feeling from the chain parameters
So far, traders have been confused by the lack of significant new position creation or cancellation in the last 24 hours. According to data from on-chain analytics firm Coinglass, Bitcoin open interest fell by 1.45% during this period.
Meanwhile, the long/short ratio currently stands at 1.03, indicating strong bullish sentiment among traders.
Current price momentum
BTC is currently trading near $98,870 and has gained over 1.45% in the last 24 hours. During the same period, the trading volume decreased by 35%, indicating lower participation of traders compared to the previous day.
